High Growth & Smooth Sailing of Off-Road Vehicles (ORVs) Market, a US$ 11.1 billion Opportunity
The Cutting-Edge Stratview Insights:
Stratview Research prognosticates the market to grow at a healthy CAGR over the next five years and expects the market to cross over of US$ 11.1 billion mark by 2023.
The estimates are a result of market analysis over a period of 2012–17, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Off-Road Vehicles (ORVs) Market during the period 2018–23.
Identifying the Factors & Avenues of Growth
Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of “Stratview Research” on the Off-Road Vehicles (ORVs) Market responds to all the significant inquiries.
The global off-road vehicles (ORVs) market offers healthy growth opportunities in the entire ecosystem and is projected to reach an estimated value of US$ 11.1 billion in 2023. Recovery of the global economy and increasing disposable income, growing recreational and touring activities, an advancement in the ORV technology, and increasing usage of ORVs in the agriculture and military operations are the major factors proliferating the demand for ORVs globally. The USA is the largest ORVs market due to its large stretches of natural terrain, unpaved roads, and large ranches and farms across the country.
ORVs are four-wheel vehicles that are designed for off-road use and traversing rough terrain, dunes, swamps, and marshland. These vehicles can be multi-passenger as well as single passenger and can be used for various purposes including recreation, sports, fishing, hunting, as well as utility purposes on farms, ranches, and construction sites. The ORVs industry has a brilliant history of more than four decades. In 1970’s, ATVs were firstly developed with three wheels now they are entirely switched to four wheels. In 2004, the global sales of ATVs reached an unprecedented landmark of 814,000 units since then the global ATVs industry never touched that peaked sales point.
In contrast to ATVs, SSVs have a relatively small history of over 20 years. An SSV is more like a car and has a steering wheel and pedals. It is equipped with seat belts and rollover protection bars and allows the driver and passenger to sit side-by-side in the vehicle. Some SSV models also contain additional rows of seats to accommodate up to six passengers. Major SSV manufacturers are putting efforts for the development of advanced SSVs targeting enhanced functionality and differentiated riding experience.
SSV vehicle is a type of off-road vehicle and offers many advantages over ATVs, such as better riding experience, rollover protection bars, and ease of mobility. In the last ten years, the off-road industry noticed a continuous shift from ATVs to SSVs. These factors significantly reduce the number of accidents and injuries as compared to ATVs.
Unravelling the Critical Segments
The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives a better understanding of the market.
It would mean a lot understand with clarity that the market has various parts and insights on them might be critical to many players.
The market of Off-Road Vehicles (ORVs) has been divided into categories such as by Vehicle Type, Product Type, Application Type, By Region. Insights on each segment can be of critical importance to any player.
Each segmented view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.
The answers to the prominent questions which are evinced out of above slicing of the market are:
● Which are the best performing segments of the market?
● Which is the most dominant region?
● Which material is the most promising?
● Who are the movers and shakers of the market?
● What are the regional growth hotspots?
● What are the segmental growth forecasts?
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Arctic Cat Inc.at the Helm
The top 5 players are Arctic Cat Inc., BRP Inc., Honda Motor. Co., Ltd., Deere & Company (John Deere), Kawasaki Motors Corp.
Other important firms are Kubota Corporation, Polaris Industries Inc., Suzuki Motors Corporation, Yamaha Motor Co., Ltd.
Emerging Trends:
Utility ORV to Remain the Growth Engine
Based on the product type, the global ORVs market is segmented as Utility, Recreation/Utility, Sports, and Youth. The utility is projected to remain the most dominant product type in the global ORVs market during the forecast period. All the major players have an excellent product portfolio for the utility ORVs. The sports segment is likely to witness the highest growth during the same period, driven by increasing tourism and recreational activities across the globe. The USA is the largest buyer of both utility and sports vehicles.
Sports and entertainment to remain dominant application
Based on the application type, the global ORVs market is segmented as Sports, Entertainment, Agriculture, Hunting, Military, and Others. Sports and entertainment are projected to remain the growth engines of the global ORVs market over the next five years, driven by increasing demand for SSVs for sports and entertainment applications. More than 50% of the ORV sales come from sports and entertainment applications in 2017.
North America to be the Largest Market
Based on the regions, North America is expected to remain the largest market for ORVs over the next five years. The USA is the growth engine of the North American as well as global ORVs market. The country alone accounted for more than 50% of the global ORVs sales in 2017. Europe, another major region, is likely to grow at a healthy rate over the next five years, propelled by Germany and France. Asia-Pacific is a relatively very small market but is likely to witness the highest growth during the forecast period, driven by an increased demand for power sports in many countries including China, Australia, and India.
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